花旗:升重汽(3808.HK)目標價至12.8港元 評級“沽售”
花旗發表報告表示,11月中國重型卡車銷量按年升5%、按月則升3%至9.4萬輛,輕微低於該行預期,至於重汽(03808.HK)上月銷量更按年下跌3%,持續跑輸大市,而累計首11個月銷量按年跌5%。
該行指,對重型卡車的短期前景感正面,主因包括嚴格執行卡車重量限制和加速替換需求、強勁的液化天然氣卡車需求等,因此該行調整行業及重汽今年銷量預測,由按年跌12%及10%收窄至跌0.5%及2%,而明年銷量跌幅預測亦收窄至7%。
花旗表示,上調重汽2019至2021年盈利預測2%至8%,目標價相應由8港元上調至12.8港元,此相當預測今年市盈率8倍,但維持“沽售”評級,更相信短期內重汽盈利續受壓,相關短期利好因素已反映股價上。

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